Money & Markets

The week is starting on a down note for most major equity markets following news of slower than expected second quarter growth in Japan though what happens in global markets later today and over the coming week will depend in large part on a slew of U.S. economic reports.

While Asian stocks outside of Japan closed higher today, the Nikkei ended the day lower, European bourses were declining from what had been 10-week highs, and North American futures signalled a lower opening here.

Adding to market uncertainty, especially in Canada, was an announcement by Nasdaq out of New York this morning that trading in shares of BlackBerry have been “halted on the Nasdaq stock market pending a news announcement.”

What happens in global and Canadian markets later today and over the coming week will depend in large part on a slew of U.S. economic reports which will offer some of the first hints as to health of key players in the U.S. economy – government, businesses and consumers – at the start of the third quarter of the year.

The holiday-shortened week is loaded with key domestic economic reports, which will compete with further quarterly corporate earnings results for the attention of investors, though that may not be good news for equity markets here which this morning were already bracing for disappointment.

Global stock markets were flat to weaker today in the wake of disappointing earnings reports and forecasts from major technology companies, profit-taking by investors, and the unveiling of a plan to crack down on tax avoidance by multi-national corporations.

Global financial markets were relatively steady this morning following reassurances of continued central bank economic stimulus here and in the U.S. and in advance of U.S. reports that are projected to provide more evidence that the recovery in the world’s largest economy is continuing.

Global financial markets were relatively muted this morning amid expectations that central bankers in North America today will signal that they’ll maintain their current economic stimulus strategies, as the Bank of England already did earlier today.

Futures indexes were signalling a relatively flat but still positive opening for North American markets this morning in advance of a slew of U.S. economic reports on inflation, industrial production and housing and amid mixed earnings reports from corporate giants Coca-Cola and Goldman Sachs.

Major stock markets this morning were adding to last week’s strong gains closing up in Asia, rising in Europe and poised to open higher here and in the U.S. after China reported economic growth that matched expectations and in advance of news of projected gains in U.S. retail sales.

Fuelled by reassurances of continued monetary policy stimulus, first by U.S. Fed Reserve chairman Ben Bernanke and then by central bankers in Europe and in Japan, this week’s global rally continued in most major equity markets this morning.

Stock markets,and the Canadian dollar, were on the rise this morning in the wake of Fed chairman Ben Bernanke’s commitment yesterday to continued monetary stimulus, closing up in Asia, climbing across Europe and set to open sharply higher here and in the U.S.

Canada’s benchmark stock index, buoyed by higher commodity prices, was poised to make further gains at the start of trading today while U.S. markets were looking to open slightly lower in advance of the release of minutes from the latest Fed meeting and comments by chairman Ben Bernanke.

North American stock market futures signalled a sharply higher opening in the U.S. this morning but a flat start to trading here in advance of the June employment reports for Canada and the U.S. and following yesterday’s reassurances of continued interest rate stimulus by European central banks.

The domestic stock market was poised to open slightly higher today while markets in Asia mostly ended the day up, and were on the rise in Europe in light trading globally as the world’s largest market is closed for the U.S. Independence Day holiday.

The global retreat in stock markets continued this morning amid further increases in oil prices fuelled by growing political tension in Egypt, the downgrading of several major European banks, the breakup of the coalition government in Portugal, and higher interest rates.

The Canadian stock market is poised to start the Canada Day shortened week on a positive note today following gains in global markets Monday despite expectations that job growth here has slowed and the trade deficit widened.

Canada’s benchmark stock index was looking to post further gains at the opening of today’s session despite a plunge in the shares of BlackBerry in pre-market trading following a disappointing earnings report this morning which showed the Canadian mobile phone maker suffered an unexpected first quarter loss.

North American futures this morning were signalling that Canada’s S&P/TSX, which this year has lagged the world’s major equity indexes and which fell further behind yesterday as most markets posted gains, would rejoin this week’s recovery.

Global stock and bond markets were on the rise this morning after better-than-expected economic news out of the U.S. yesterday and China’s central bank’s reassurance that it will maintain adequate liquidity to grease the wheels of that economy more than offset investors’ ongoing concerns of reduced economic stimulus by the Fed.

After a brutal start to the week, global financial markets were recovering somewhat today in advance of reports expected to show that the U.S. recovery is continuing and following assurances from central bankers there and in China that they will do what is needed to keep their economies expanding.